frsbog_mim_v09_0011.pdf

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SUBJECT: REVISION OF BYLAWS.

PROPOSED REVISAL Ql Tij[

BY-LAWS OF THE FEDERAL RESERVE BOARD.. ELIMINATING

ALL OBSOLETE lv'1..ATTER AND INCORPORAT'l!VG ALL ANl:NDMENTS.

ARTICLE 1.

I.he Chairman.

The Secretary o'f the Treasury shall be Ch:l.irnan of the Board, and shall presi.ie at all meetings when present. In tho absence of the ~~airuan the Governor of the Board shall act as presidli1g offic0r. In the absence of both the Chairrrf'in and the Governor, the Vice Governor shall act as Chairrr.an.

(Article 1 of the original By•laws.)

ARTICLE lL

Thsz. Gove rno;::.

'Section l. The Governor of the Federal Reserve Board shall be the active executive officer thereof; subject, bow~ ever, to such rules and regulations as rray be incorporated herein or rray from time to time, by resolution 1 be· established~

(Section 1 of Article 11 of thQ original By-laws.)

Section 2. The Governor shall have general ch~rge of all business of the Board not specifically assigned by resolution to any individual member thereof, or to the corrmittee of the whole .. He shall submit a sumrr.ary of such business at each succeeding meoting of the Board.

(Section 4 of Article 11 of the original By-laws. Sections 2 and 3 were repealed by Amendments 111 and IV of February 1, 1915, and Section 5 is made Section 3 of Article V of the revision.)

ARTICLE 111. The Vice g.overno...r,.

Section l. In the absonce or disability of the Governor, his powers shall be exercised and his duties discharged by the Vice GQvernor and in tho absence or disability of both of these officGrs, such powers shall be exorcised and such duties discl'la:];ed by such member of the Board, as it may by resolution, designate Chairman pro tam.

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Digitized for FRASER http://fraser.stlouisfed.org/ Federal Reserve Bank of St. Louis

Section 2. It shall be the duty of the Vice Governor to cooperate with the Governor in the-administration of the gen~ eral business of the Board~

(Article 111 of· original By,;.laws.)

ARTICLE lV >

The Executive C9rrzyittee.

1. There shall be an Executive Committee of the Board . consisting of three n:embers, which shall include the ~vern~r . and Vice Governor and one other. The third member s}'la11 be norr ..... inated and elected at a regu1at·meetirtg of the Board~ Mem~er~ of the Board shall serve as tar as practicable in rotation and for periods tb be fixed by tho Board frorr. time to time. Two . . members shall. constitute a quorum for the transaction· of business.

2. tt shall be the duty of the Executive Comnittee of t~e Board to transact all business of a general nature which can be transacted in accordance with principles already established by the Board~ and such as rray be delegated to it from tine to time; to review and approve important correspondence involving the . expression of opinions or decisions of the Boardjto prepare and make recommendations governing the conduct of th~ Board's business and to oversee and control the rraking of statements to the press expressive .of the Board's policy or descriptive of its action.

3. The Executive Corr.mittee may at any time delegate to the. Secreta~/ of the Board, either individually or under the supervision of one of its members, the exercise of its functions with reference to publicity as hereinbefore set forth~

(Added by Anendment V, ~arch 22,1915.)

ARTICLE V.

~ Secretary .an9., Assistant Secreta~ I

Section 1. The Board shall appoint a Secretary, whose duty it shall be to attend all meetings of the·Board, and keep a record of its proceedings. . ·

(Section 1 of Article lV of the original By~la.ws, which was trade Article V by Amendment V of }VIarch 22,1915)

Section 2. The Secretary shall assist the Governor and members of the Board in the administration of general business and correspondence. He shall under the direction of the Governor have general supervision of the office and shall supply the Board with detailed inforrration regarding domestic and international business and banking relations, and such other data as the Board nay from time to time require.

\~ect1on 2 o! Article lV of the original By-laws{ which was made Article V by Arr.ondrr.ent V of N.arch 22,1915. J

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Section 3. The Secretary shall hav~ custody. of the. seal . and shall have power to affix the sarr~ to all -instruments ~equiring it under the authodty of the Board. Such instruments shall be attested by the Secretary. · . .

(Section 5 of Article 11 of the original By~laws 1 as amend~ ed by Amendment·l of February 1,1915.)

Section 4. The Board ·shall appoint an Assistant Secretary, who shall exercise the powers and discharge the duties of the Secretary in his absence or disability and shall perform such other duties as rray be assigned to him from time to tin:e .by the Board, o:r by the Secretary of the Bo~rd •. · .

(Amen~~nt ll of February 1;1915, which, together with Amendment lV of the same date, repealed Section 3 of Article lV of the original By···laws~)

ABTICLE Vl~

~ ~~1 A~ent ana D~puty Fiscal A£ent:

Section 1.. The Board shall appoint a Fiscai Agent and a O~pu..;. ty Fiscal Agent~ The duty of the F~.scal Agent shall be to col- . lect and deposit all moneys receivable by the ·Board with the Tr~asurer of the United States 1 to be placed in a special fund established on the books of the Treasurer for the· Federal Reserve Board. The Deputy Fiscal Agent shall perform-~he duties of the Fiscal Agent during his absence or disability. .

Section 2. The Fiscal Agent and Deputy Fiscal Agent shall each execute a separate _bond with surety satisfactory to the Board.

Section 3. Payments of expenses and other disbursements . of. the Board shall be made by the Fiscal Agent upon proper vouchers out of moneys advanced to h~ by requisition and warrant out of the special fund and placed to his official credit with

•. the Treasurer of the United States as provided by Section 5 of this Article. In the a'sence of the Fiscal Agent payment of expenses and other disbursements of the Board shall be nade by the Deputy Fiscal Agent upon proper vouchers out of moneys ad.: vanced to him by requisition ~nd warrant out of the special fund and placed to his official credit with the Treasurer of the United States as provided by Section 5 of this Article~

Section 4. The Fiscal Agent shall prepare a monthly ac~ count in such form as shall be approved by the Comptroller.of the Treasury and after approval by the Governor such monthly ac~ count shall be submitted to the Auditor for the State and other departments. At the end of each month during which the· Deputy Fiscal Agent shall have made disbursements for or on behalf of the Federal Reserve B~rd, and at such other times as the Exec~ utive Comnittee rray direct., he shall prepare an account in such form as shall be approved by the Comptr.oller of the Treasury, and after approval by the Governor such account shall be sub~tted to the Auditor for the State and other Departm:mts~

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Section 5. The Governor shall, when necessary, make re.:. quisition on the·Treas~rer of the United States for the advance of such sums to the Fiscal Agent as rray be necessary from the . Federal Reserve Board fund, and shall likewise make requisition on the Treasurer of the United States for the advance of such sums to the Deputy Fiscal Agent- as may be necessary from the Federal Reserve Board fund. The accounts of the Fis~a.+ Agent and Deputy Fiscal Agent shall be separately kept and neither shall be permitted to d:raw upon ,;: disburse f·\.mds advanced to the other, but each shall account for the funds so acvanced tohim.

(Amen)iment 111 of February 1)1915.: as amended larch 25~1918)~

ARTtCLE VlL

!b.~~~

The following is an impression of the seal adopted 'by· th~ Board:

(SEAL) Article 'V of ihe original By~laws, which was rracle

Article V1. b·y a.mendtnent V of ~.a.roh 2211t15.)

ARTtCLE \Tlli.

~~~ .. The Beard. sfa.ll appOint a regular Counsel whose duty it

shall be to ad.vj.s$ with the :Board, ot any n:ember J'here_of 1 as to such legal questions as may arise in t~e conduct of its business; and to prepare, at the Board's request, toms and Other' letal papers anti to perform generally such legal services as he nay be called upon by the Board to perform.

(Article V-a of the original By-laws{ which was made Article Vl - a by Amendment V of :w.arch 22,~1915. J

ARTICLE lX.

Meeting&~ •

Section l. There shall be a stated meeting of the Board each week day exc~pt saturdays and legal holidays at ll a.m.

Section 2. A majority of the Board shall constitute a quorwm for the transaction of business except that an affirmative vote of at least five members of the Board shall be necessary to re~ire Federal reserve banks to rediscount the disco~ted paper of other Federal reserve banks.


Section 3. At least once during each quarter there shall be a joint conference in Washington of me~bers of the Federal Reserve Board and the Federal Advisory Council,· at such tirre as may be nutually agreed upon by said Board and said Council.

' Section 4~ At ali meetings of the Board the following shall

be· the order of business!

(l) Reading or insper.tion of the minutes of the last regular. mee .. c5.ng~

(2) Report of the Governor. (3) Repcn·t of the Secretar7. {4) Reports of. the corm:i ttees or members on assigned bus-iness: (5) Unfinished business.

(Article Vl of the original By~laws, which was ~ade Article Vll by AmendmeJi, V. of Nt\.:~·cn. ~2;-l~S.)

· ARTI OLE ·X~

In f oma t iou.

Section l. All persons employed by. the Boar~ shall keep inviolate its business 1 affairs 1 and concerns.~ and shall not disclo~e or divulge the same to any unauthorized person whoms oe ve r .~ and any employee who shall give info~ation contrary to this by~law shall be liable to irr.rr:ediate dismissal~

Section 2. Unless a differen·t procedure in given cases is authorized by vote of the Board, the action o:r policy t>f the Board shall not be expressed through any ind.ivid.1J.al meu1ber, but by its duly constituted officers 1 after formal action by the Board~

<.~.rticle VJ.l of the original By·~laws 1 which was rrade Article Vlll by Amend~nt V of 1~rch 22,1915.,

ARTICLE Xl.

The Chai~4n shall appoint a committee consisting of two members of the Board1 whose duty it shall be to audit the accounts thereof for the six months' period for which they shall have been appointed, and :report to the Board a tentative budget of expenses for the next succeeding six months.

(Article VJ.ll of the original By-laws, which was ma.de Article lX by Amendment V of ~larch 22,1915.}

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AR'riCLE Xll.

~:::nendrcenta.

These by~laws rray be a~ended at any regula~ ~oeting of the Boar~. by a rr.ajority vote 0f the entire Board} p;.•ovided that a copy of such a:r:nendu:en"ts shaJ.l- have been deliv·3l·ed to- each member at least seven days prior t.c su~!h :.nE?et:ing,

(Article lX of the o1·iginal By-~laws which was made Article X by Amendrr_ent V of llfarch 22,1915.)

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frsbog_mim_v09_0011.pdf

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